Re: My score dropped 100 points. How do i fix this quick

Guessing the 100 point loss was due to your high utilization? The only way to fix that is to pay down your debt (or increase your available credit but that will be difficult if not impossible with your current util). You're using ~60% of your available credit - anything over 28.9% is going to hurt pretty bad (ideal overall util is less than 8.9%). This is not including the additional score penalties for high individual card util - best to keep card balances under 30% of their limits.

Can you list your cards with their limits and respective balances? Tell us how much money you have avail to put towards payments each month and we can help you develop a payoff game plan.

Re: My score dropped 100 points. How do i fix this quick

What he/she said. Your util is killing you. Nothing will change it until you pay it all down ASAP. Some lenders will balance chase you and lower your credit line if its one of the banks that dont like high util for an extended period of time.

My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.

Re: My score dropped 100 points. How do i fix this quick

Welcome to the myFICO forums!

As previously stated your utilization is high which is dropping your scores. Are these FICO scores or are you getting your scores from Credit Karma? Utilization has no memory, so as soon as you get your utilization below 30% you will see a jump in your FICO scores.

Re: My score dropped 100 points. How do i fix this quick

Will getting trade lines help improve my credit score and for how long if so will it improve it?

I have 4000 available to pay debts

Adding tradelines will be difficult with your current high utilization, however, if you do increase your credit it will reduce your overall utilization which would increase your FICO score when you get your utilization below 30%. Applying for credit will incur a hard pull on your credit files and will cause a drop in your FICO scores. HPs affect your FICO scores for one year and remain on your file for two years. If you want to improve your utilization then you need to limit the use of your credit cards and pay down your credit card debt. I would pay on your AmEx as you are very close to maxing out your credit limit which is most likely affecting your FICO score them most.

Re: My score dropped 100 points. How do i fix this quick

Short answer. Your 100 points is right there starring at you. Mostly maxed out cards. Report back once you get them all down. Shoot for AZEO.

My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.

Re: My score dropped 100 points. How do i fix this quick

Today I paid my Amex with 9800 credit limit 5600, so now I owe them $4000 until next statemnt...hopefully I see some improvement soon (not expecting 100 points, but at least two or three for my efforts ...)

I was looking into the tradelines, they are very expensive. One of the fellas I spoke with, said that if I get 50-60k in tradelines that will dilute my credit limit and that my score should jump 70-100 points. They charging anywhere from $1800 to $5000

My concern is: for how long are they good for. What if the person I'm piggy backing on, will use them up to capacity...then I'm back to square one. What guarantees can they offer on those trade lines?

The companies out there that advertise that they will fix your credit, what is that they do???

Re: My score dropped 100 points. How do i fix this quick

We don't discuss purchasing tradelines on these forums. Besides, "diluting your credit limit" for a score boost will not prevent adverse action from your current lenders -- your individual utilization is still too high. They may balance chase or even close your accounts. Why throw money at purchasing a tradeline that you can't even use -- and have no control over -- when you can just pay off your debt? You have good cards - build on that.

Good you made that first payment towards the amex. You took it down from 97.96% utilization to 40.8%. Passing three utlization thresholds (88.9%. 68.9%. and 48.9%) on an individual card will give you a bit of a score boost -- but your cards are still quite high and require aggressive paydown.

I suggest you use your 4K per month to bring each card balance down below the next utilization threshold. Thesholds are as follows (red is too high):

88.9%, 68.9%, 48.9%, 28.9%, and 8.9%.

In 4-5 months (sooner if you can throw more $ at payments) you'll be in really, really good shape -- both debtwise and scorewise (so long as you don't immediately run the debt back up).

A basic example paydown using 4K / month with scoring as a priority may be:

Re: My score dropped 100 points. How do i fix this quick

Today I paid my Amex with 9800 credit limit 5600, so now I owe them $4000 until next statemnt...hopefully I see some improvement soon (not expecting 100 points, but at least two or three for my efforts ...)

I was looking into the tradelines, they are very expensive. One of the fellas I spoke with, said that if I get 50-60k in tradelines that will dilute my credit limit and that my score should jump 70-100 points. They charging anywhere from $1800 to $5000

My concern is: for how long are they good for. What if the person I'm piggy backing on, will use them up to capacity...then I'm back to square one. What guarantees can they offer on those trade lines?

The companies out there that advertise that they will fix your credit, what is that they do???

Please re-read the post above. They answer the question you seem to be asking. There is nothing on your credit report to fix (at least nothing you have told us about) You are spending too much of your available credit. PAY IT DOWN. Bzzzzzz Credit fixed....repaired....whatever you want to call it.

I’m going to repeat what others said. The scoring system does not like usage over 30%. Pay your cards down below 30% and you will see a score increase. Pay it down below 9% for an even bigger score increase. That’s it.

Your original post sounded like you were in big hurry to get your scores up. Why? You’re willing to pay money to get your scores up when that money should be put towards paying down your debt which will......get your scores up.

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